Fitch affirms QIB’s ‘A’ rating with stable outlook - The Peninsula Qatar

Fitch affirms QIB’s ‘A’ rating with stable outlook - The Peninsula Qatar:

Fitch Ratings has affirmed Qatar Islamic Bank’s (QIB), Long Term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook. It also upgraded QIB’s Viability Rating (VR) to ‘bbb’ from ‘bbb-’.

The rating reflects QIB’s strong and stable standing in Qatar, with the highest market share of Islamic Banking assets of 42.3 percent and about 11 percent of the total banking assets at end of the fiscal year 2018.

QIB reported a growth in net profit by 14.5 percent in 2018 reflecting the Bank’s outstanding performance across all divisions. The rating considers the Bank’s adequate profitability, sound asset-quality metrics, satisfactory capital ratios and sufficient liquid assets.